Irish property boom triples revenues at housebuilder Cairn

DUBLIN’S booming property market helped housebuilder Cairn more than triple its revenues last year.

The company’s revenues climbed to €149m (£132m) from €40.9m in 2016 as it sold off 418 homes, almost four times as many as the previous year.

Ireland’s property market has bounced back from the devastating years of the global financial crisis, which knocked 50pc off house prices in some areas.

Cairn’s average house price grew 6.4pc last year to €314,000 and it estimated earnings before interest, tax, depreciation and amortisation had climbed from €3.8m to between €14.5m and €15m.

Chief executive Michael Stanley said a strategy of buying and building on large developments allowed the firm to respond quickly to increased demand. He said: “Given the quality and historical cost of our land bank, our dual focus on competitively priced houses and premium apartments, and our increasing operational capability, we continue to look forward with confidence.”